Maximise Your Savings with STCs and VEECs for Gas to Electric Heat Pumps

‍

‍

‍

‍

Upgrading your heating system from gas to an electric heat pump not only enhances efficiency and sustainability but also offers significant financial incentives through Small-scale Technology Certificates (STCs) and Victorian Energy Efficiency Certificates (VEECs). These incentives can help offset the cost of installation and make the transition more affordable.

Understanding STCs

Small-scale Technology Certificates (STCs) are part of the Australian Government's Renewable Energy Target (RET) scheme, which aims to reduce greenhouse gas emissions and promote the use of renewable energy. STCs are tradable certificates that represent the environmental benefits of installing renewable energy systems, including electric heat pumps.

How STCs Work:

• Eligibility: When you install an eligible electric heat pump, you earn a number of STCs based on the amount of renewable energy the system is expected to generate or save over its lifetime.
• Value: The value of STCs fluctuates with market conditions, but they can be traded or sold to reduce the upfront cost of your new heat pump system.
• Claiming STCs: Typically, your installer will handle the STC process, applying the value of the certificates as a discount on your installation cost. This simplifies the process for you and ensures you benefit from the available savings.

‍

Exploring VEECs

Victorian Energy Efficiency Certificates (VEECs) are part of the Victorian Energy Upgrades (VEU) program, a state government initiative designed to encourage energy efficiency improvements in homes and businesses. VEECs are awarded for activities that reduce greenhouse gas emissions, such as upgrading from a gas to an electric heat pump.

How VEECs Work:

• Eligibility: When you replace an old gas heat pump with a new, more efficient electric heat pump, you may be eligible to receive VEECs. The number of certificates awarded depends on the amount of energy saved by the upgrade.
• Value: Like STCs, VEECs can be traded or sold, providing a financial incentive to reduce the cost of your new system. The market value of VEECs varies, but they offer a substantial benefit in making energy-efficient upgrades more affordable.
• Claiming VEECs: Your installer can help manage the VEEC process, ensuring you receive the certificates and the associated savings. This allows you to focus on enjoying the benefits of your new heat pump system.

Benefits of STCs and VEECs

Cost Savings: Both STCs and VEECs provide significant financial incentives, reducing the upfront cost of installing an electric heat pump. These savings make it easier for homeowners to transition to more efficient and sustainable heating systems.

Environmental Impact: By replacing a gas heat pump with an electric model, you contribute to reducing greenhouse gas emissions. This helps combat climate change and supports a cleaner, more sustainable future.

Energy Efficiency: Electric heat pumps are highly efficient, using less energy to provide the same level of heating. This efficiency translates to lower energy bills and long-term cost savings.

Government Support: These incentive programs demonstrate government support for renewable energy and energy efficiency, encouraging more homeowners to make sustainable choices.

‍